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6 simple suggestions to buy a second hand house safely

Written by Posted On Thursday, 08 April 2021 10:17

Following some little rules of common sense, buying a second hand house can be a great deal.

Real estate has always been one of the most interesting sectors to invest in. The behavior of the prices of new and used housing tends to increase, that is, in a few years the property you bought will likely cost more one day.

However, when buying a house, it is necessary to evaluate your needs, interests and budget, and this last factor plays a determining role in deciding whether the house will be new or used. Although sometimes aspects such as space or the location of the property also play a role.

If this is your case, here are 6 tips so that, when buying a second hand home, you can be confident that it will be a safe investment without surprises in the future.

What to keep in mind when buying a used property

1. Study the market

People who usually make the process of buying a house alone, without the advice of a real estate agent.

Doing so it happen to leave out many valuable details, for example, the right price per square meter in the specific area and more key facts. When this item is analyzed, it will be possible to better determine if the price offered by the current owner is fair or exceeds in relation to other houses in the area.

Of course, other factors such as space and age of the property will play a huge role in the final price, but the price per square meter will be a reference.

2. Signing a promise of purchase and sale

When you are completely sure that you want that specific house or apartment and you do not want to lose the opportunity, with the promise of purchase and sale you can ensure that the property of your dreams stays with you and is not sold to others. This is especially true if you do not have the money at that moment and you must wait for a financial institution to grant you a mortgage.

This document is a kind of contract that works as a guarantee, where the parties are reciprocally obliged to comply, in the future and with the agreed conditions, such as the price, the place and the day in which the purchase will take place.

The promise of purchase and sale is not an obligatory document to make the purchase of a property, but a voluntary agreement between the parties to make sure that they are going to carry out the deal.

3. Double check the "papers"

Can you imagine that years after having bought a second hand house you find out that the land is illegal and that you have to leave?

To avoid this impasse, it is necessary that you ask for the right certificate of property, so you have to know what to ask for. Through the right documents, all the legal data of the property subject to registration is investigated in terms of affectations, encumbrances, current owner and previous owners, if any.

This document is like a kind of resume of a property; it details each affectation suffered, for example:

If it is a house, apartment subject or not to any special regime, if it is a farm, a lot, a garage, a warehouse or deposit; if it is seized, mortgaged, or if there are several owners. Likewise, acts such as inheritance, donations, usufruct, valuation encumbrances, family housing and family patrimony, among others.

4. Take into account other costs

When we talk about horizontal property, we refer to properties in residential units such as buildings, complexes and certain types of urbanizations, in which common areas are shared (green areas, corridors, elevators, stairs, terraces, roads, etc.).

If the house you are planning to buy has these characteristics, we recommend you to inquire about the administration fees or the possible debts that you may acquire in the future, such as the remodeling of some common areas to which you have not even had access.

5. Seek professional help

In addition to all the advice that real estate professionals give about the pricing, a real estate agency will always help you find a seller that offers what you are looking for, this is because they know the market, the owners and also understand your needs. The result of this guidance is that you will save yourself many unfruitful visits to homes, saving time and effort to find the home of your dreams.

All these details, together with the security, confidence and comfort, make more and more people turn to real estate agencies to sell their houses or apartments.

6. Check out more properties

Do not rush. There aren't umnissable deals. Take your time and decide only when you have all the elements to make an informed decision.

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Sal Cocurullo

Sal is a passionate investor and author.

https://www.revenue.land
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